What is the best rate I can get for a used car loan? I’m 22 and have a credit score of 615. I already picked out the vehicle I want but need to take out a loan. I’m not sure what to expect.
is challenging because lenders rely on many factors to generate rates. But with a nonprime credit score of 615, the best rate you’ll likely get is around 10.49%.
While 10.49% is the average used car loan rate for borrowers with a credit score between 601 and 660, lenders use many factors to determine rates. So, your offer may vary.
Besides credit score and history, lenders also consider:
Income and employment history
Debt-to-income ratio
Amount borrowed
Term length
Vehicle purchased
If you want the peace of mind of knowing you’re getting the best rate, you should compare offers from several lenders. Shop around with:
Local and national banks
Credit unions
Online lenders
Dealerships
If the loan is a bit more expensive than you expected, increasing the size of your
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